EFFECT OF FLUNCTUATION IN MONEY MARKET INDICATORS(MMIS) ON NIGERIAN EXCHANGE LIMITED(NGX)(2010-2023 Q2); EVIDENCES FROM VAR AND GRANGER CAUSALITY WALD MODEL

Authors: Emmaneul Obiora NWAKEZE(Accountancy Department, School Of Management Sciences Grundtvig Polytechnic, Oba, Anambra State Nigeria., Okechukwu ONWULIRI(Management & Social Sciences Division, Polytechnic Programmes Department, National Board for Technical Education (NBTE), Kaduna Nigeria

Journal: Nigerian Journal Of Technical Education | Volume:22 | Issue: 1 | Pages: 68 -85

Keywords:Money Market Indicators(MMIs), Nigerian Exchange Limited (NGX), Inter-Bank Call Rate, Monetary Policy Rate, Treasury Bill Rate, Savings Deposit Rate, Maximum Lending, All- Share Index

Since the Black Thursday(October 24) and Black Thursday (october 29) experiences that scholars widely associated as triggers for the great crash of the U.S wall street stock market of 1929. there have been constant debates on whether there were money Market Indicators(MMIs) causal undertone to that crashed performance of the stock market. Instead prior researches dwelled majorly on the effect of macroeconomic indicators on the performance of the market. with a scale and narrowed datasets, and without specifically selecting multiple MMIs as control variables. This creates a gap in research, and explain why this study was aimed at using 5 selected MMIs -Inter BAnk Call Rate (IBCR). Monetary Policy Rate (MPR),Treasury Bill Rate (TBR), Savings Deposit Rate (SDR) and maximum lending rate (MLR) and with a better updated and expandedmonthly datasets(january 2010 - july 2023) to examine how these selected controls variables(individually and collectively) affect the performance of stockexchange market - Nigerian Exchange Limited(NGX) as a case Expo-facto was the research design deployed while vector Auto regression (VAR) and Granger causality wald test modelsware utilised for data analysis. Thus the study found and concluded that MMIs are true determinants of the performance of NGX